11 March 2011

It Is Getting Harder And Harder To Get A Mortgage

The number of mortgages that are being granted to house buyers has tumbled by 29.0%, according to a recent survey. Figures produced by the Council of Mortgage Lenders have shown that the slip of 29.0% occurred between December 2010 and January 2011.

This is a gloomy time for the housing market as prices appear to be dropping. The tougher the conditions attached to the grant of a mortgage only knock the market further.

The Council of Mortgage Lenders release the following statement: "With the effects of last year's government spending cuts beginning to bite, and rising inflation and tax measures putting pressure on household budgets, potential house-buyers are likely to have been discouraged".

Some commentators have said that the feelings of uncertainty that surround the UK economy create an atmosphere that flattens both the housing and mortgage markets alike.